Penn Virginia Corporation, an independent oil and gas company, engages in the exploration, development and production of crude oil, natural gas liquids (NGLs) and natural gas in various onshore regions of the United States, primarily the Eagle Ford Shale, or Eagle Ford, in south Texas. The company owns a highly contiguous position of approximately 102,000 net acres in the core liquids rich area or ‘volatile oil window’ of the Eagle Ford. The company also has operations in the Haynesville Shale and Cotton Valley in east Texas and the Granite Wash in Oklahoma. In 2014, its total production was comprised of 73 percent crude oil and NGLs and 27 percent natural gas, and crude oil and NGLs accounted for 89 percent of its product revenues. The company sells its crude oil, NGL and natural gas products using short-term floating price physical and spot market contracts. Its NGLs are sold to interstate and midstream pipelines with pricing based on the Mont Belvieu, Texas or Conway, Kansas indices less deductions for transportation and fractionation and a marketing fee. The company’s natural gas production is also sold to interstate and midstream pipelines with pricing based on the NYMEX quoted price for Henry Hub natural gas adjusted for any basis differential or as a percentage of certain regional reference prices. Reserves As of December 31, 2014, the company’s proved reserves were approximately 115 MMBOE (million barrels of oil equivalent), of which 40 percent were proved developed reserves and 77 percent were oil and NGLs. The company drilled 84 gross (51.6 net) wells, all in the Eagle Ford, in 2014. As of December 31, 2014, the company had 738 gross (478.8 net) productive wells, approximately 90 percent of which the company operate, and owned approximately 224,000 gross (158,600 net) acres of leasehold and royalty interests, approximately 45 percent of which were undeveloped. Business Strategy The company’s strategy includes the following: maintain disciplined flexible capital spending; focus on high return projects; and protect cash flow with hedges. Customers The company sells a significant portion of its oil and gas production to a relatively small number of customers. As of December 31, 2014, approximately 50 percent of its consolidated product revenues were attributable to three customers: Sunoco Refining and Marketing, Inc.; Phillips 66 Company; and Gulfmark Energy Inc. Seasonality The company’s sales volumes of oil and gas are dependent upon the number of producing wells and, therefore, are not seasonal by nature. Historically, the pricing of natural gas is seasonal, typically with higher pricing in the winter months. Regulations The following is a summary of the significant environmental laws to which the company’s business operations are subject to: the Comprehensive Environmental Response, Compensation, and Liability Act; the Resource Conservation and Recovery Act; the Oil Pollution Act of 1990; the Federal Water Pollution Control Act; the Safe Drinking Water Act; the Clean Air Act; and the Endangered Species Act. History Penn Virginia Corporation was founded in 1882. The company was incorporated in the Commonwealth of Virginia in 1882.
penn virginia corp (PVA:Frankfurt)
Four Radnor Corporate Center
100 Matsonford Road
Radnor, PA 19087
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